20240612_华安证券_园林机械行业深度报告：园林机械出口高景气核心企业有望受益_65页.pdf

1 2024 6 12 SAC S0010523120001 SAC S0010524040004 21 3 4+5 2 XVCXvMnQmPnMrPnOrMpQmN7NaO6MmOrRnPnRlOqQqOlOnMnO7NrRwOuOqNqNMYsPvM3 2024 1-4 10995.70 1.5%1/2/3/4+8.10%/+5.40%/-7.50%/+1.50%2024 4 PMI 50.30%5/PMI 47.40%/50.90%PMI PMI 1.1%PMI%Wind Wind-100-5005010015020005001,0001,5002,0002,5003,0003,5004,0002018-012018-042018-072018-102019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-102024-012024-04:3035404550556065702012-042012-092013-022013-072013-122014-052014-102015-032015-082016-012016-062016-112017-042017-092018-022018-072018-122019-052019-102020-032020-082021-012021-062021-112022-042022-092023-022023-072023-122024-05:PMI:PMI:PMI:4 2024 4 ISM PMI 48.20%2023 12 43.90%4.30pct ISM PMI 2.10pct PMI OECD 2 1.1 ISM PMI%OECD%Wind Wind OECD-10%-5%0%5%10%15%20%25%40424446485052545658602010-012010-072011-012011-072012-012012-072013-012013-072014-012014-072015-012015-072016-012016-072017-012017-072018-012018-072019-012019-072020-012020-072021-012021-072022-012022-072023-012023-072024-01:ISM:PMI:-10%-5%0%5%10%15%20%25%92939495969798991001011022010-012010-072011-012011-072012-012012-072013-012013-072014-012014-072015-012015-072016-012016-072017-012017-072018-012018-072019-012019-072020-012020-072021-012021-072022-012022-072023-012023-072024-01OECD:-2:/oGj0VM6KrtoHohqfr/kypDzSda0ryHb0G1WUCrSdD7XJLjAMBN9vQSD0GMUORMj 5 2023 7/2024 3/+1.55%/+1.42%/+3.52%1.1:/:%:%Wind Wind-30%-20%-10%0%10%20%30%40%50%60%2015-012015-032015-052015-072015-092015-112016-012016-032016-052016-072016-092016-112017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-112024-012024-03:-30%-20%-10%0%10%20%30%40%50%2015-012015-052015-092016-012016-052016-092017-012017-052017-092018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-092024-01:6 2024 3 1.32 0.69%1.34 2.29%1.47 4.17%1.2%Wind Wind-15%-10%-5%0%5%10%15%20%25%30%2015-012015-052015-092016-012016-052016-092017-012017-052017-092018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-092024-01:1.01.11.21.31.41.51.61.71.81.92.02015-012015-042015-072015-102016-012016-042016-072016-102017-012017-042017-072017-102018-012018-042018-072018-102019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-102024-01:7-2024 3 2.10%&1.2-%Wind 24 年3 月库存额 占比Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24耐用 品 63.65%16.74%14.75%12.40%10.28%8.80%6.57%4.72%3.27%2.63%1.68%0.51%0.91%1.84%2.30%2.10%汽车 及汽 车零 件和 用品 10.43%24.85%25.30%25.06%22.98%22.48%19.89%16.85%14.66%14.18%13.50%10.37%11.61%13.20%11.83%9.53%家具 及家 居摆 设 1.91%14.79%8.39%2.17%-1.65%-5.87%-8.74%-11.94%-13.85%-16.56%-15.34%-15.21%-14.80%-12.56%-10.46%-8.05%木材 及其 他建 材 3.48%4.36%-3.29%-5.42%-8.37%-9.47%-11.10%-10.69%-9.96%-8.78%-9.25%-11.14%-10.76%-6.54%-2.71%0.30%专业 及商 业设 备和 用品 6.88%4.72%2.23%0.57%-1.93%-2.84%-4.97%-6.95%-6.46%-7.25%-6.87%-6.39%-3.01%-1.40%-0.59%-0.28%电脑 及电 脑外 围设 备和 软 件 2.40%-6.25%-7.53%-11.67%-14.52%-17.34%-18.07%-19.04%-17.52%-16.44%-14.12%-13.96%-4.92%-2.10%-1.41%3.40%金属及矿产,石油 除外 4.54%3.58%1.90%1.19%2.65%1.60%-2.55%-3.44%-4.72%-6.57%-5.76%-7.24%-8.59%-8.09%-7.17%-8.40%电气 和电 子产 品 9.36%21.77%21.22%16.45%12.90%9.11%5.55%3.01%-2.25%-3.40%-3.82%-5.19%-4.73%-4.64%-6.55%-6.02%五金、水 暖及 加热 设备 和 用品 4.86%17.60%14.55%9.27%4.78%2.04%0.35%-2.61%-3.44%-4.35%-5.87%-7.45%-7.73%-6.81%-6.59%-6.22%机械 设备 和用 品 17.38%26.17%25.75%24.87%24.06%24.03%22.70%20.47%19.59%19.43%15.85%15.11%15.47%14.69%16.09%15.28%杂项 4.79%11.66%7.44%3.50%0.76%-1.11%-2.54%-1.98%-2.75%-3.58%-4.96%-5.68%-9.28%-7.90%-6.84%-7.45%8-2024 3 9.14%1.2-%Wind 24 3 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 36.35%12.55%7.35%4.34%-0.37%-4.80%-6.87%-6.44%-7.63%-7.45%-8.37%-8.81%-8.11%-8.45%-8.20%-9.14%0.89%6.12%5.36%2.55%-3.85%-8.69%-13.56%-15.83%-15.41%-19.19%-19.35%-18.77%-15.58%-16.33%-16.40%-14.62%10.06%14.30%11.09%11.39%8.91%8.23%5.67%7.50%3.52%4.10%3.69%2.53%6.01%5.12%6.13%2.47%3.34%29.05%16.68%11.71%3.39%-0.73%-6.96%-14.21%-18.19%-22.76%-22.62%-24.27%-23.50%-22.76%-21.38%-20.99%5.75%8.69%7.06%3.42%2.14%-2.31%-5.02%-6.54%-5.92%-5.48%-4.41%-6.35%-5.26%-3.79%-5.43%-5.85%2.75%-2.15%-13.84%-18.39%-31.12%-37.53%-36.23%-30.82%-27.77%-27.56%-24.01%-24.43%-26.08%-29.06%-29.76%-30.73%1.64%8.50%3.22%0.36%-2.24%-0.95%-5.14%-6.62%-11.92%-10.90%-11.14%-12.68%-13.06%-13.86%-10.74%-9.89%2.84%14.75%5.90%-2.78%-4.43%-14.67%-15.68%-9.30%-9.74%-3.89%-12.11%-14.10%-19.32%-20.09%-19.68%-15.22%,2.78%20.81%21.02%20.13%17.30%15.07%9.30%6.37%4.10%2.55%-0.39%-1.28%-2.38%-1.66%-0.78%-4.66%6.32%12.78%9.92%7.77%3.29%-3.09%-4.06%-4.42%-4.85%-4.36%-7.62%-4.16%-2.89%-4.10%-5.21%-6.76%9 Traqline/21%/31%/24%/24%2022Q4 6 2024Q1 2024Q1/-11.65%/-6.65%1.2 2023%Traqline Wind-20%-10%0%10%20%30%40%50%yoy yoy10 Lawn&Garden Appliances Lawn&Garden Electrical/Lighting Lumber&Building Materials 2020Q2-2022Q3 Lumber/Storage Appliances Lawn&Garden or Hardware Rough Plumbing&Electrical Lumber&Building Materials 1.2%2018 2019 2020 2021 2022 2023 2023 Appliances 10.53%9.14%20.43%19.95%1.61%-4.14%9.08%Building Materials 6.94%-0.75%12.24%13.48%15.02%5.99%7.84%D cor/Storage 12.85%4.88%31.96%22.91%4.30%-5.43%3.94%Electrical/Lighting 5.30%-0.98%13.55%20.53%2.03%-8.91%8.20%Flooring 7.18%-0.68%9.58%13.11%-0.03%-5.07%5.73%Hardware 5.53%2.87%14.59%7.67%2.93%0.53%5.34%Indoor Garden 6.80%5.16%33.31%6.12%-3.58%-1.65%9.66%Kitchen and Bath 6.23%-0.14%8.63%24.44%6.42%-4.58%6.94%Lumber 7.64%-5.95%43.26%17.99%0.87%-12.85%7.68%Millwork 6.97%0.00%12.21%14.74%13.64%-1.45%5.44%Outdoor Garden 3.94%4.20%26.94%7.45%-2.32%1.98%6.73%Paint 5.72%2.12%16.61%3.99%6.95%-0.96%7.25%Plumbing 8.26%1.36%9.68%22.65%15.25%-0.75%8.19%Tools 10.41%5.26%23.92%13.03%3.18%-1.69%7.97%Total 7.23%1.87%19.85%14.42%4.13%-3.01%100.00%2018 2019 2020 2021 2022 20232023 年销售额占比Appliances 9.19%5.31%21.09%10.98%0.63%-8.62%14.29%Lumber&Building Materials8.79%-0.23%27.85%16.48%2.20%-17.30%14.20%Seasonal&Outdoor Living 2.93%3.31%28.51%5.27%-6.69%-11.00%8.96%Lawn&Garden 3.86%5.32%37.23%-15.57%-7.42%-2.89%7.79%Rough Plumbing&Electrical3.82%0.97%17.40%36.90%6.64%-11.42%10.94%Kitchens&Bath 0.11%-2.67%13.27%9.15%3.48%-11.28%7.14%Tools 4.59%4.79%23.55%-0.99%-4.11%-8.91%5.47%Millwork 1.89%3.51%18.58%7.40%8.07%-10.21%6.00%Paint 0.18%4.11%30.23%-5.17%6.12%-5.33%5.93%Flooring-1.66%-0.54%14.65%11.56%1.75%-14.25%5.01%Hardware 1.94%3.12%35.48%27.59%3.14%-5.71%6.75%Lighting-4.20%-5.11%21.84%-1.49%D cor-0.26%4.71%42.00%58.37%-3.71%-21.08%4.83%Other 13.83%-24.22%-2.96%27.25%3.76%-10.24%2.70%Net sales 3.92%1.18%24.19%7.43%0.84%-11.01%100.00%11 2024 4 4.02%/-7.00%/+2.88%/+4.54%/+5.33%1.2-%Wind Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 7.92%5.61%2.45%-0.16%3.36%1.89%2.22%3.50%3.94%2.91%4.17%4.01%1.55%6.25%2.29%4.02%8.98%6.70%2.85%0.49%2.21%0.99%1.28%3.21%3.27%3.02%3.83%3.56%1.79%6.11%2.95%4.12%3.54%1.31%0.92%-2.73%8.31%5.69%6.33%4.71%6.77%2.45%5.84%6.28%0.51%6.84%-0.30%3.62%3.09%0.71%0.67%-3.35%8.16%5.28%6.03%4.31%6.92%1.76%5.64%6.57%-0.16%6.74%-0.60%3.34%10.04%2.53%-1.46%-9.34%-4.17%-1.91%-5.02%-5.31%-5.41%-9.48%-4.05%-5.25%-11.76%-5.28%-11.49%-7.00%8.56%2.70%-5.30%-10.71%-3.05%-0.66%-4.61%-2.36%-1.39%0.84%3.65%1.37%-4.51%5.96%-4.06%2.88%3.73%1.20%-6.13%-6.60%0.48%-4.07%-4.01%-3.10%-6.78%-2.95%-2.33%-6.16%-6.82%-0.72%-7.63%4.54%3.99%5.69%4.61%2.72%3.19%1.20%1.14%2.60%2.19%-0.18%0.92%0.40%1.21%3.76%3.23%-0.92%6.99%7.99%8.20%5.85%11.33%8.04%5.95%8.21%6.37%11.88%9.52%7.34%5.13%5.66%-0.94%2.10%4.49%-1.65%-13.17%-15.48%-20.43%-23.62%-21.42%-8.24%-3.44%-7.80%-10.25%-7.28%-7.12%-0.06%-1.56%5.33%7.99%3.27%-2.33%-3.93%-0.23%0.11%1.55%3.92%0.78%-1.28%1.91%3.62%0.37%6.48%2.27%-0.91%5.44%0.51%-0.77%-2.42%1.76%0.26%0.05%-2.08%-0.73%-2.49%-1.56%-4.78%-1.91%1.95%-2.61%-5.95%7.60%7.36%3.48%2.27%1.27%1.53%1.68%2.81%2.15%-0.15%0.77%1.93%-0.26%4.79%9.46%-0.70%5.64%2.49%-0.97%-1.83%1.30%1.08%-0.88%-5.21%0.82%4.12%6.63%3.04%2.83%9.39%7.13%10.33%9.56%8.52%7.54%6.49%11.48%10.63%12.41%10.08%8.69%12.69%11.63%9.92%10.76%11.55%5.62%12.85%12 1 2020.7-2021.4 2020 2021 3 2021 11 2 2021.5-2022.8 2022 3 16 3 2022.9-2023.6 2023 4 2023.7-2024.1)1.3 yoy yoy%Fred-100%-50%0%50%100%150%200%250%-15%-10%-5%0%5%10%15%20%25%30%35%40%-yoy-yoy yoy-yoy 7%22%9%-7%-yoy 20%9%1%-5%yoy 57%38%-22%-29%13 2024 2023 1374 23.0%16.75 31.3%121.97/10.8%2024 1/2/3/4+2.21%/+29.29%/+7.25%/+40.34%2023 24 1.3 2017-2024%2017-2024%Wind Wind-30%-20%-10%0%10%20%30%40%50%050010001500200025002017 2018 2019 2020 2021 2022 2023 2024 1-4 yoy-40%-30%-20%-10%0%10%20%30%40%50%60%0.005.0010.0015.0020.0025.0030.002017 2018 2019 2020 2021 2022 2023 2024 1-4 yoy14 3-8 10 4 2023 2024 Q2Q3 1.3 2019-2024%2019-2024%Wind Wind-100%-50%0%50%100%150%200%250%300%0501001502002503003502019/6/12019/8/12019/10/12019/12/12020/2/12020/4/12020/6/12020/8/12020/10/12020/12/12021/2/12021/4/12021/6/12021/8/12021/10/12021/12/12022/2/12022/4/12022/6/12022/8/12022/10/12022/12/12023/2/12023/4/12023/6/12023/8/12023/10/12023/12/12024/2/12024/4/1 yoy-100%-50%0%50%100%150%200%250%0.00.51.01.52.02.53.03.54.02019/6/12019/8/12019/10/12019/12/12020/2/12020/4/12020/6/12020/8/12020/10/12020/12/12021/2/12021/4/12021/6/12021/8/12021/10/12021/12/12022/2/12022/4/12022/6/12022/8/12022/10/12022/12/12023/2/12023/4/12023/6/12023/8/12023/10/12023/12/12024/2/12024/4/1 yoy 151 3 4+5 216 2.Amazon 分类 产品 主要用途 价格手持式园林机械产品吹风机 主要用于清理落叶、石堆等 184-279美元打草机 适用于一般面积的草坪维护，如家庭、小区、学校、工厂等 145-399美元修枝机主要用于枝条修剪，适用于家庭庭院、公园园林、市政绿化带、茶园果园等场景300-319美元链锯 主要用于伐木等工作 219-259美元步进式园林机械产品割草机适用于较大面积的草坪维护，如家庭庭院、物业小区、学校公园等369-1199美元吹雪机 主要用于清除积雪 799-1978美元骑乘式园林机械产品 骑乘式割草机适用于大面积的草坪维护，如市政园林、物业小区、大型球场、农场果园、风景景区等4999-7999美元17 Global Market Insights 2018 283 2025 450 CAGR 7.0%Frost&Sullivan 2023/&66%/4%/16%/14%2018-2025 OPE Global Market Insights Frost&Sullivan 2.0501001502002503003504004505002018 2019 2020 2021 2022 2023 2024E 2025E0%10%20%30%40%50%60%70%80%90%100%2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E&18 Grand View Research Technavio 2023/350/15/48/17/21/or 35%/12%/10%/17%/10%2019-2027 Grand View Research 2.0501001502002503003504004505002019 2020 2021 2022 2023 2024E 2025E 2026E 2027E,35%,12%,10%,17%/,10%,16%191 3 4+5 220 OPE 80%OPE Frost&Sullivan 2023/OPE 165/90/29 OPE 56%/31%/10%OPE Statista 2019 72.76%3.1 OPE 2019%Frost&Sullivan Statista 1081151221301381471551651741846569727679838690949820222324252628293133888899999100501001502002503003502016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E,27.24%,72.76%21 Turf Mutt 2022 76%72%OPE Statista 2023 2.34 69%2020 171 8.4%3.1 2011-2023 2007-2020%Statista Statista 0501001502002503003502011 2012 2013 2014 2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E-10%-5%0%5%10%15%20%0204060801001201401601802007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 yoy 22 1 CARB 300 OPE Husqvarna 78%OPE 3.2 OPE CARB 23 2 OPE EGO 5 6668.51 OPE OPE 3.2 OPE vs EGO 24 3 EPA 2008 Tier4 OPE 2011 OPE 2670 24%-45%2011 20%2021 2024 OPE 1999 5 2018 2021 OPE OPE 3.2 OPE 2022.3.8 2024 2022.1.5 2018 2022 1 2022.1.27 2024 2021.12.23 2021.12.20 2025 2021.12.7 ESC 2021.12.9 2024 1 AB1346 2021.10.27 2027 2021.4.17 2022 5 25 200 2%3.3 EGO Z6 0 82V OptimusZ EGO 261 3 4+5 227/Husqvarna John Deer Stanley Black&Decker BOSCH Toro Makita STIHL TTI The home depot Amazon 4.1 28 20 90 OPE 2020 285 OPEI 2020 801 36%4.1 2018-2020 OPE 2017-2024 OPEI Wind-30%-20%-10%0%10%20%30%40%50%050010001500200025002017 2018 2019 2020 2021 2022 2023 2024 1-4 yoy 05001000150020002500300035002018 2019 2020 29 7.5%-25%4.1 2019.1.1-2019.8.31 0%2019.9.1-2020.2.13 15%15%2020.2.14-2022.6.30 7.5%2019.1.1-2019.5.9 10%10%2019.5.10-2022.6.30 25%15%2019.1.1-2019.8.31 3.4%2019.9.1-2020.2.13 15%11.6%2020.2.14-2022.6.30 7.5%2019.1.1-2019.5.9 10%10%2019.5.10-2022.6.30 25%15%2019.1.1-2019.8.31 0%2019.9.1-2020.2.13 15%15%2020.2.14-2022.6.30 7.5%2019.1.1-2019.5.9 10%10%2019.5.10-2022.6.30 25%15%30 ODM/OEM OPE+Stanley Black&Decker Investor-Presentation 2020 OPE+Stanley Black&Decker MTD Husqvarna Stihl Toro John Deer Frost&Sullivan OPE TTI 48.9%36.8%4.1 2020 OPE+2020 OPE StanleyBlack&Decker Investor-Presentation,4%MTD,12%,14%STIHL,13%TORO,9%JOHN DEER,8%Echo,6%TTI,5%Honda,3%,26%TTI,16%BOSCH,10%,10%SBD,9%,7%Husqvarna,6%STIHL,4%,4%Toro,3%,31%31 Wh W OPE OPE 2022H1/17.85%/30.37%/11.30%4.2 EGO 56V 2022H1 EGO,17.85%,30.37%,12.00%,11.30%,6.89%,3.78%,4.66%,2.91%,2.91%,7.34%32 1 1 3 2 3 OPE 各 品 牌 割 草 机 产 品 力 对 比公司 大叶股份 TTI TTI TTI 格力博 格力博 泉峰控股 泉峰控股品牌 GREEN MACHINE RYOBI RYOBI MILWAUKEE Greenworks Greenworks EGO EGO产品 DYM10130140VHP 无刷20 自走式多刀片割草机80VHP30 无刷 30 英寸锂电零转骑乘式割草机M18 FUEL 21 英寸自走式双电池割草机48V(2 x 24V)20“无刷无绳推式割草机80V21“无刷无绳割草机LM2102SP 21 英寸自走式割草机POWER+42“T6 草坪拖拉机套件价格/499 美元 1999美元（裸机）799美元（裸机）279.00 美元 499.99 美元 649美元 3999美元电池 40V 40V8ah 80V10ah 2*18V12Ah 2*24V4ah 80V 4.0Ah 56V 7.5Ah 6*6.0Ah56V运行时间/50 分钟 90 分钟 60分钟 45分钟 38分钟 60分钟/充电器/80V 超级充电器/60分钟充电 40分钟充电/保修/产品5 年，电池3 年 产品5 年 产品3 年 产品3 年，电池2 年 产品4 年/5 年刀具保修，3 年电池保修电池平台兼容性适配同品牌40V 设备适配同品牌40V85+种设备适配同品牌80V 设备适配同品牌M18 250+种产品适配同品牌24V 50+种设备适配同品牌80V 设备适配同品牌56V 80+设备适配同品牌56V 80+设备切割高度/1-4 1-4/1.5-4 1.5-4.5适用面积 割草宽度380mm 1/2 英亩 最多1 英亩 最多3 英亩/Acre/1.5 英亩重量 18公斤/117磅 78.2 磅 67.2 千克 68.3 千克/最大速度 空载速度3100/3 英里/小时/6 英里/小时资料 来源：各 品 牌官 网，华安 证券 研究 所4.233 1 OPE 2 OPEI 79%/3 3-5 2-3 2 公司 品牌 OPE 产 品 矩阵 无绳OPE 设备电压型号 保修支持服务SWK Dewalt吹风机、电锯、绿篱机、割草机、草坪修边机、修枝锯、配件等12V、20V、60V3 年有限保修，7 年有限责任保证，30天退款保证SWK Craftsman吹风机、推车、电锯、割草机、草坪修边机、绿篱机、修枝锯、配件等20V、60V 3 年有限保修泉峰控股 EGO 割草机、吹风机、链锯、绿篱机、吹雪机、电池、配件等 56V 工具5 年有限保修，电池和充电器3 年保修泉峰控股 FLEX 砂光机、抛光机、角磨机、电钻、冲击扳手、锯等 10.8V、18V 3 年有限保修TTI MILWAUKEE 鼓风机、绿篱机、割草机、锯、喷雾器、修剪器、配件等 12V、18V 基本为3 年有限保修TTI RYOBL割草机、修边机、鼓风机、绿篱机、电锯和修枝剪、吹雪机、配件等18V、40V、80V 产品基本均为3 年有限保修；电池1-3 年保修格力博 greenworks 割草机、打草机、吹风机、链锯等20V、40V、60V、80V、82V（商用）商用2 年，家用3-5 年大叶股份 GREEN MACHINE 割草机、打草机、割灌机、扫雪机、梳草机、修枝剪等 20V、40V、62V 3-5 年 4.234 1 2 3 4 各企业品牌矩阵对比公司 品牌 创建模式 定位 主要 涉及 类别 目标 终端 用户 重点区域泉峰控股EGO 自主打造 全球电动OPE 市场排名第三 OPE 商业/高端终端用户北美、欧 洲及亚 太地区FLEX 2013 年收购 于1922 年创立于德国.高 端专业级 电动工 具品牌 电动工具 专业级终 端用户北美、欧 洲及亚 太地区SKIL 2017 年收购于1924 年在美国创立，提供品类 齐全的 电动工 具及OPE 产品电动工具及OPE专业建筑 商及消 费级终 端 用户北美、欧 洲及亚 太地区大有 自主打造 高端、专 业级 电 动工 具 品 牌 电动工具 专业级/工业 级终 端 用户亚洲及其 他新兴 市场小强 自主打造 针对建筑 及家居 装修应 用 市场的耐 用实惠 品牌 电动工具 建筑和家 装行业 承包商 中国TTIMILWAUKEE 2005 年收购 全球第一 的专业 工具品 牌 电动工具及OPE 建造业专 家北美、欧 洲及亚 太地区RYOBI 2000 年收购 全球第一的DIY 工具品牌 电动工具及OPEDIY 家居用户、木工、业余人士、工 匠和园 艺爱好 者北美、欧 洲及亚 太地区AEG 2005 年收购 专注于专 业市场 的品牌 电动工具 专业级的 用户 欧洲地区SWKDEWALT1960年收购1992 年重塑品牌全球 最大 的无 绳 自由 动 力 专业 工具 品牌 电动工具及OPE 高端、专 业级的 用户北美、南 美、欧 洲及亚太地 区Craftsman 2017 年收购 动力工具 行业增 长最快 的 品牌 电动工具及OPE品牌业主、房屋 建筑商、汽车爱好者北美Black+Decker 自有品牌 SWK 创始之 初的品 牌，专 注户内 和户外 的工具 业务 DIY 家装及OPE中低价位 入门级 消费者 的 品牌北美、南 美、欧 洲及亚太地 区STANLEY 自有品牌 卷尺领域 第一品 牌电动 工具 及手 动 工具中高端价 位，零 售